auditing concepts
I need help on this paper. Below is the information needed
Kobyashi Moru reports its inventory, fixed assets, depreciation and cost of goods sold on a current value basis (fair market value on the date of the financial statements).
Such accounting violates the cost principle of US GAAP. There is a disclosure of the pertinent facts stating this in a footnote on the key financial statements.
What factors as the auditor of record, should you consider in deciding whether to issue a qualified or an adverse opinion in your final audit report?
Prepare the following paragraphs that include the appropriate language.
- A qualified opinion
- An adverse opinion
